In 2020, Adam Neumann’s family office became a lead investor in real estate tech company Alfred. Less than two years later, the ex-WeWork CEO announced a new venture, Flow, with $350 million in funding.
. Given that Alfred now runs software for tenants and landlords, and owns a property management firm, the two startups’ ambitions seem uncannily similar.Sean Foote, VC investor and lecturer at UC Berkeley’s Haas School of Business
If Flow were going to “explicitly build an Alfred-like software as part of their overall business, then Alfred should not be happy and Alfred’s other investors should not be happy,” said Sean Foote, a venture capitalist who is also a lecturer at UC Berkeley’s Haas School of Business. He continued: “It’s optically not good.”amed for the fictional butler of Bruce Wayne, Alfred was launched out of Boston in 2014.
“We erased the lines between Alfred, the property management, and in essence, ownership, because [Adam] said, ‘Let’s break the box and build it back, and see what we can learn,’” Faith said. When Alfred went to raise money again, the company asked Neumann’s office to relinquish them, a situation that complicated the fundraising process, according to the sources.from Rialto Capital, existing investors and others, and acquired RKW in a deal announced in March. Now Alfred was not just a startup providing technology for renters and landlords. It was a property manager, too. In the aftermath of the acquisition, the company went through at least one round of layoffs.
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